The Texas Department of Insurance (TDI) has approved the FAIR Plan’s rate changes. The changes resulted in overall statewide average rate increases for homeowners, dwelling, condominium and renters policies.
On Jan. 22, 2021, the FAIR Plan Association filed residential property insurance rates for its homeowners (HO-A), dwelling (TDP-1), tenant (HO-BT), and condominium (HO-CONB) policy forms with TDI. The approved rates are effective for new business and renewals on Aug. 1, 2021.
| Approved Changes to FAIR Plan Rates — Overall Statewide Average | Indicated Change | Proposed Change |
| Homeowners |
15.1% |
9.6% |
| Dwelling Fire |
6.8% |
6.8% |
| Dwelling Extended Coverage |
20.1% |
9.5% |
|
Tenant |
26.3% |
9.5% |
| Condominium |
20.5% |
9.2% |
The rate changes proposed by the FAIR Plan Association reflect a cap of 10% on the indicated rate increases and -10% on the indicated rate decreases.
Visit the TDI website for a copy of the Commissioner’s Order.
Source: TDI
Topics Trends Texas Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
AssuranceAmerica Suffers Third-Party Data Breach, Customer Data Exposed 
US House Passes Bill to Extend Federal Terrorism Backstop Through 2034 
Viewpoint: Boom in Hyperscale Data Centers Puts Re/Insurers to the Test 
PE-Backed Insurance Broker Hub International Files Confidentially for US IPO 
